As you surely know by now, since everyone on the planet was watching at 5:30 a.m. for the news, the CPI came in red hot.
Intransigence in Real Time
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Falling Out Of LOVE
This is a great example of how emotions can screw up a perfectly good trade. I’ve written about Lovesac (symbol LOVE) many times, including this post from two months ago, when it was 50% higher than it is right now. I had October puts on this thing, but a few days ago, I scurried out of them for NO reason except that my confidence is approximately 0.00 right now, and I was scared of what this morning’s earnings report would do to it.
Well, what it DID was kick the stock in the ass and send it down hard, making a good pattern even better. So my erstwhile October puts are doing fantastic, thank you very much. I hope some of you out there held on to your LOVE short and didn’t wimp out like me. Pathetic. Just pathetic.
Whole Lotta Nothing
I fell out of love with this market in a big, big hurry. I have been spending half my time castigating myself for not dumping everything on May 20th, and the other half grinding my teeth at the sort of thing that happened yesterday (e.g. big tease, and then spent the rest of day the soaring).
Having been thus burned, I didn’t even consider any trading at all for the first half hour. Good thing, too. The same sort of crap is going on. Huge bids out of the blue for absolutely no reason.
Seriously, People………
Let us speak of hope, and of wonder, and of mistakes. We’ll start with hope. And Exhibit A in that respect is this cup which I received this morning:
Patience!
Look, I know of you probably have your stomachs in a knot about this strong rally. I believe with every fiber of my being this is going to burn itself out. Sure, it could push us to 4100 on the /ES, but don’t get fooled by the likes of Jamie Dimon. This isn’t some great new bull market. Do you seriously believe on the heels of the past 13 years, we’re ready to launch again? Watch this.
“That market drop was our last hope.”
“No. There is another.”
